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$1.2bn

Saudi Arabian refinery to reduce oil import bill by $1.2 bn: petroleum minister

ISLAMABAD: Petroleum Minister Ghulam Sarwar Khan on Friday said annual oil import bill of Pakistan will be reduced by $1.2 billion because of the new Saudi Arabian refinery. The Saudi Arabian side has expressed strong interest in exploring investment opportunities in Pakistan’s petrochemical sector which was termed as a ‘game changer’ and would result in savings of $ 1.2 billion per annum in import substitution, Ghulam Sarwar Khan said in a statement. "10 Memorandum of Understandings (MoUs) including one on a $10…